Mission Statement

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DEFINITION of 'Mission Statement'

A short sentence or paragraph used by a company to explain, in simple and concise terms, its purposes for being. These statements serve a dual purpose by helping employees to remain focused on the tasks at hand, as well as encouraging them to find innovative ways of moving towards an increasingly productive achievement of company goals. It is not uncommon for the largest companies to spend many years and millions of dollars developing and refining their mission statement, with many of these mission statements eventually becoming household phrases.

BREAKING DOWN 'Mission Statement'

Mission statements aren't just for Fortune 500 companies. Many of the most successful individuals, professionals and investors have taken the time to craft a personal mission statement. These personal mission statements often incorporate the financial, professional, spiritual and relational aspects of life. This in turn helps the individual to keep a healthy work/life balance that increases their personal achievement in all of these areas.

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RELATED FAQS
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    Google's (GOOG) mission statement has been the same since its inception in 1998: "Organize the world's information and make ... Read Full Answer >>
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    Principals have different roles depending on the nature of an individual business, but the universal responsibility of a ... Read Full Answer >>
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    Apple's current mission statement is "Apple designs Macs, the best personal computers in the world, along with OS X, iLife, ... Read Full Answer >>
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